Defense Secretary Pete Hegseth testified before the Senate Armed Service Committee earlier this year that replenishing the stockpile could take "months and years."
Former Vice President Mike Pence cast doubt on the possibility of a deal between Iran and the U.S. over the two countries’ war shortly before President Trump announced a deal has been reached on Sunday. “My concern right now is not with the intentions of the president. Look, I think the president has earned a [...]
Crude oil prices fell over 4% to their lowest levels in over three months Sunday after the U.S. and Iran agreed to a ceasefire extension that could lead to the reopening of the Strait of Hormuz.Why it matters: Severe restrictions on oil traffic through the strait since the conflict began in late February have created an unprecedented energy shock that's a drag on the global economy.The oil price spike caused U.S. gasoline prices to soar to their highest levels since 2022, adding to GOP political peril ahead of the midterm elections.The latest: The global benchmark Brent crude is down 3.6% to $84.21 per barrel. It initially fell even more steeply before reversing some of the decline.WTI, the U.S. reference, is down over 4% to $81.38 per barrel.Sunday's decline follows prices that had already slid Friday on reports that an agreement was imminent.The apparent agreement could greatly expand tanker traffic through the narrow waterway that handles about a fifth of the global oil trade. Axios' Barak Ravid has the latest on the agreement. Catch up quick: The memorandum of understanding would mark the biggest diplomatic breakthrough of the war and buy time to settle the hardest questions over Iran's nuclear program.What we're watching: Average U.S. gasoline prices soared to a high of roughly $4.56 per gallon in May, but have retreated in recent weeks and now average $4.07, per AAA.That's still over $1 higher than pre-war levels at a time when affordability is front and center in midterm election battles. But prices will likely recede if crude oil prices — the largest variable in retail pump prices — continue to recede. What's next: The disrupted market will take months to fully untangle, but the apparent deal could enable a major increase in tanker transit.But it's not clear how many ship owners and operators will quickly have confidence to move through the waterway.Plus, even if the strait is fully open, Persian Gulf oil producers that cut production when the main export route was cut off will need time to revive it. Go deeper: Gas prices won't return to pre-war levels anytime soon
The frustration was summed up in the main headline of the Israeli newspaper Yediot Aharonot on Sunday, describing the agreement as a “bad deal."
Iran’s Deputy Foreign Minister Gharibabadi confirms the country reached a peace deal with the US.
Former Vice President Mike Pence cast doubt on the possibility of a deal between Iran and the U.S. over the two countries’ war shortly before President Trump announced one on Sunday. “My concern right now is not with the intentions of the president. Look, I think the president has earned a great deal of deference…
A US-Iran peace agreement has been officially reached, President Donald Trump and Pakistan's Prime Minister Shehbaz Sharif announced on Sunday. The post BREAKING: Official US-Iran Peace Agreement Complete: Deal to be Signed on June 19 in Switzerland appeared first on The Gateway Pundit.
Agreement was struck despite an Israeli strike on Lebanon on Sunday that drew criticism from both Iran and TrumpMiddle East crisis – live updatesA peace deal between the US and Iran has been reached following nearly four months of fighting in the region, Donald Trump announced in a post to social media.In a statement posted to Truth Social Sunday evening, the US president announced the opening of the strait of Hormuz as well as the removal of the US naval blockade. “Ships of the World, start your engines. Let the oil flow!”, said Trump in the celebratory post. Continue reading...
The US and Iran said they reached an interim agreement to reopen the Strait of Hormuz, halting a war that killed thousands of people and setting the stage for 60 days of negotiations on the fate of the country’s nuclear program.